LEADER 03345nam 2200673 450 001 9910463608803321 005 20170816134556.0 010 $a1-4623-7193-0 010 $a1-4527-6623-1 010 $a1-4518-7053-1 010 $a9786612841460 010 $a1-282-84146-7 035 $a(CKB)3170000000055097 035 $a(EBL)1608000 035 $a(SSID)ssj0000943007 035 $a(PQKBManifestationID)11558963 035 $a(PQKBTitleCode)TC0000943007 035 $a(PQKBWorkID)10974705 035 $a(PQKB)10045201 035 $a(OCoLC)762340647 035 $a(MiAaPQ)EBC1608000 035 $a(EXLCZ)993170000000055097 100 $a20140226h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 00$aPension privatization and country risk /$fAlfredo Cuevas [and three others] 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (27 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/195 300 $aDescription based upon print version of record. 311 $a1-4519-1506-3 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Country Risk, Credit Ratings and Implicit Pension Debt (IPD); Figures; 1. Standard and Poor's Creidt Ratings and Government Debt; 2. Risk Premia and International Investor Ratings; III. Econometric Analysis; Tables; 1. Institutional Investor Ratings (IIR), IPD and Debt; 2. IIR and Pension Reform: Static Panel Estimation with Fixed Effects; 3. IIR and Pension Reform: Dynamic Panel (2SLS) Estimation Results; IV. A Counterfactual Study: Mexico's Pension Reform; A. Pension Privation in Mexico; B. Risk Assessment 327 $a3. Mexico: Counterfactual Explicit Debt and Primary Balance4. Estimated Impact of Pension Reform on IIR; 4. Mexico: Counterfactual IIR; V. Conclusion; VI. Annexes; References 330 $aThis paper explores how privatizing a pension system can affect sovereign credit risk. For this purpose, it analyzes the importance that rating agencies give to implicit pension debt (IPD) in their assessments of sovereign creditworthiness. We find that rating agencies generally do not seem to give much weight to IPD, focusing instead on explicit public debt. However, by channeling pension contributions away from the government and creating a deficit of resources to cover the current pension liabilities during the reform's transition period, a pension privatization reform may transform IPD int 410 0$aIMF Working Papers 606 $aPensions$xEconometric models 606 $aPrivatization$xEconometric models 606 $aDebts, Public$xEconometric models 606 $aCountry risk$xEconometric models 608 $aElectronic books. 615 0$aPensions$xEconometric models. 615 0$aPrivatization$xEconometric models. 615 0$aDebts, Public$xEconometric models. 615 0$aCountry risk$xEconometric models. 676 $a331.252 701 $aCuevas$b Alfredo$0894040 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463608803321 996 $aPension privatization and country risk$91997105 997 $aUNINA